Reddit Set to Launch its Blockchain-Based Point System on Ethereum

Reddit Set to Launch its Blockchain-Based Point System on Ethereum

Through a video posted on Reddit, it is now clear that Reddit’s blockchain-based points system will be launched on Ethereum’s blockchain. It is a huge boost to the Ethereum community at a time when it’s looking forward to implementing Eth 2.0. In the video, the Redditor recorded the phone screen detailing more of the project.

The video captured the FAQ section of the wallet features, which had pages on distribution, wallet, backup, and also recovery.

Ethereum has been embraced in the dapps community and also in smart contracts blockchain despite challenges in the system. Ethereum has been experiencing challenges associated with high transaction fees, and also poor scalability.

The move by Reddit is stamping on the fact that Ethereum is a huge space that can’t be ignored. Despite the drop of the market price on Friday, April 10, the coin is enjoying fundamentals which may see it skyrocket.

According to CNN Money, the crypto market recorded a ’15’ in its fear & panic index, which is considered extreme fear. This highlights how speculative trading largely dominates the crypto market. To put in perspective, the traditional stock market scored a ’43’, which is considered a fear, owning to the recent coronavirus stimulus package.


Reddit’s Blockchain-Based Points System

Although the report isn’t yet proved, it highlights how Reddit might be piloting blockchain system and crypto-assets. Some of the interesting features include the ability for Reddit users to collect points. Each user will have a personal blockchain address to receive the coins.

In a section referred to as ‘Tipping and Transfers’, it shows that users can transfer their coins to other Reddit users. However, it is not clear whether the coins are transferable out of the Reddit system.

Reddit has been at the forefront in pushing for crypto adoption since the inception of Bitcoin. One of the forums where cryptos are discussed, r/Bitcoin, has over 1.4 million followers, besides another by the name, r/Cryptocurrency commands a figure approaching 1 million.

The video attracted a mixed reaction on the comment section, where some followers asked where they could redeem their points for a cup of coffee. Others worry if one has been previously banned from the Reddit community, whether they are still eligible for the coins.

All said and done, if implemented, the launch will be a big win for the Ethereum community.